LONDON (Alliance News) - Daniel Stewart Securities PLC said Friday its nominated adviser Westhouse Securities has resigned with effect from the beginning of May, and it is in discussions with an alternative nomad.
Under AIM rules Daniel Stewart is required to have a nomad in order for its shares to continue trading. As a result, if it does not appoint a replacement by the time Westhouse ceases to be its nomad it will be suspended from trading. If it is unable to find a replacement within a month of that date, its trading on AIM will be cancelled.
According to a source, Daniel Stewart expects to make an announcement regarding a nominated adviser "well within the allotted timeframe".
Daniel Stewart gave up its own status as an AIM nominated adviser to other companies in a move to cut costs last year, after getting into difficulties as a result of identifying a shortfall in its regulatory capital position, leading to its shares being suspended as it sought new funding to strengthen its balance sheet.
Daniel Stewart also revealed on Friday that the shareholding of former Quindell PLC Chairman Rob Terry has increased to 9.994% of the company.
Terry, who holds the stake through his investment company Quob Park Estate and with family interests, is planning to ask regulators for permission to increase his stake to more than 10% of the company's shares, according to a Daniel Stewart stock market disclosure.
The former Quindell chairman emerged as a major shareholder in Daniel Stewart at the end of March.
Daniel Stewart shares closed down 14.6% at 1.22 pence on Friday.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
Update By Samuel Agini; samagini@alliancenews.com; @SamuelAgini
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